Moroccan Billionaire Moulay Hafid Elalamy Donates $1.9 Million to Earthquake Victims

Moulay Hafid Elalamy, a Moroccan billionaire, has donated 20 million Moroccan dirhams ($1.9 million) to Fund 126, the country’s earthquake relief effort.

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Elalamy made the donation through his Saham Foundation, as private and state entities continue to contribute to earthquake assistance in Morocco.

The earthquake that struck central Morocco on September 8 killed approximately 3,000 people.
Morocco’s King Mohammed VI donated 1 billion Moroccan dirhams (about $100 million) to the relief effort on Thursday.

A total of 30,000 Moroccan dirhams ($2,925) would be given to affected households as an initial emergency relief. Those whose homes have been substantially damaged will receive 80,000 Moroccan dirhams ($7,801), while those whose homes have been fully demolished will receive 140,000 Moroccan dirhams ($13,600).

The earthquake, which struck several Moroccan provinces, primarily struck rural areas with less sturdy infrastructure.

Earlier this week, King Mohammed VI paid a visit to the King Mohammed VI University Hospital in Marrakech, where many injured people are receiving treatment. During his visit, he donated blood to help with relief efforts.

Elalamy, 63, is one of Africa’s richest men with fortune estimated at over $1 billion.

He formed Saham Group in 1995 after serving as CEO of the African Insurance Company of Morocco, and grew it into a conglomerate with holdings in insurance, health clinics, and financial services.

Elalamy stood resigned as CEO of the company in October 2013 when King Mohammed VI appointed him minister of industry, commerce, investment, and digital economy.

Sanlam, South Africa’s largest insurer, paid $1 billion for Saham Finances, a Saham Group affiliate, in 2018.

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